Tags: Mortgage Fraud

Arizona Sues BofA for Alleged Mortgage Fraud

Friday, 17 Dec 2010 02:00 PM


Arizona is filing a civil lawsuit against Bank of America Corp. alleging the company violated the state's consumer fraud law by misleading consumers trying to get loan modifications.

Arizona Attorney General Terry Goddard said Friday that the bank also violated the terms of a 2009 consent agreement it signed requiring the bank's Countrywide mortgage subsidiary to implement a loan modification program.

Goddard says hundreds of homeowners kept making their mortgage payments because Charlotte, N.C.-based Bank of America repeatedly assured them their loan was being modified. Instead, many lost their homes anyway.

Goddard says Nevada is expected to file a similar suit later Friday.

© Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Around the Web

Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
Zip Code:
Privacy: We never share your email.

You May Also Like
Around the Web
Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

© Newsmax Media, Inc.
All Rights Reserved